Electric vehicles may be having a rough year in the new car market, but the demand for used models is soaring. Used EVs accounted for a record share of all used vehicle sales in the U.S. in September, as lower prices relative to brand new cars and a growing pool of pre-owned models returning to dealer lots helped drive demand.
A record 47,862 used EVs changed hands last month, up 12.3% from August and 21.2% from a year earlier, according to Cox Automotive’s latest EV Market Monitor. It’s a glimmer of hope after the end of federal tax credits last September and the recent rollback of fuel economy norms that hamstrung the sales of new EVs.
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